Despite tremendous achievement in this area, dye-sensitized solar cells (DSSCs) suffer from some drawbacks which have prevented them from further commercialization. The major problems are low efficiency and stability. The highest efficiency reported until recently for DSSCs is 12.3%, which is around half as good as the best-known polycrystalline Si-cell (20.3%) and comparable to an amorphous Si-cell (9.5%). The efficiency of DSSC is mainly limited by the light absorption of the dyes and the interface charge separations between dyes and TiO2 semiconductors. Hence, the key challenge to achieve high efficiency DSSCs is the development of suitable organic dyes that has extended light absorption spectrum in the near infrared range and could effectively generate electricity from light.